Office leasing velocity gains traction after slow 2018 start

However, after a miniscule 1.4 million square feet of deals were signed in early 2018, leasing volume had since gained momentum as additional transactions in excess of 100,000 square feet were closed.

More than 2.3 million square feet of leases were completed during the third quarter, as companies including Teva Pharmaceuticals, Ralph Lauren, E*Trade and Insmed signed the largest transactions.

Accelerating leasing velocity is expected to continue through year-end 2018 and into 2019, as nearly 6.0 million square feet of tenant requirements were navigating the Northern and Central New Jersey office market. This was a 33.0 percent increase from one year ago.